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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (106914)6/6/2001 6:26:09 PM
From: Mark Adams  Read Replies (3) of 436258
 
If AG doesn't know what money is

I struggled with this question myself, until someone posted this link; levy.org

In summary, money is a token that represents some debt. It was created by governments to finance national agenda's through taxation, and had the unintended consequence of encouraging trade and specialization.

This has interesting implications when one considers the destruction of debt.

Another article that I've been marveling over- condenses a huge amount of material into a small space. I read it in a non-linear fashion- jumping about sections of interest- before I finally felt I'd read and understood the whole thing. I don't think I could read it in a linear fashion.

levy.org

The thoughts on the origin of money proved interesting, but it was the impact of debt and compounded interest on system stability that caught my eye.

I'd remarked that compounding of interest impacts decision making in a capitalism based society, due to the higher net present value of a dollar recieved today over one recieved tomorrow. I felt that compounded interest results in accelerated resource exploitation, limiting sustainable thinking.

It may be the magic of compounding is partially responsible for the concentration of income and wealth, which when carried beyond a certain threshold results in less for all.

By driving real interest rates to zero using a variety of means extends system life. At the expense of the saver/investor. We appear to be approaching such a situation now- with interest rates approaching the rate of inflation.
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